Brokers Face Fraud Suit Over Bogus $332M Oil Field Deal

Law360, New York (September 20, 2011, 10:28 PM EDT) -- Broker-dealer World Trade Financial Corp. and clearing broker Pension Financial Services were sued Tuesday for allegedly enabling a U.S. investment firm to sell $332 million in worthless unregistered shares in exchange for an oil and gas field in Kazakhstan.  

In its complaint filed in Texas federal court, Kazakhstani oil and gas company Kazenercom Too claimed World Trade and Pension had traded with Nevada-based Turan Petroleum Inc. to help it create a false secondary market for its shares. The trades allegedly allowed Turan to offer its...
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